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October 28, 1999

Maxtor Forms Network Attached Storage Unit, Posts $40m Loss

By CBR Staff Writer

Maxtor Corp has formed a new Network Systems Group to focus on the network attached storage market, following its acquisition of Creative Design Solutions Inc back in August (CI No 3,733). Victor Jepson, formerly the Milpitas, California-based company’s senior VP of engineering, will be in charge of the unit. The acquisition was completed on September 13, and Maxtor launched its first network storage appliance products, MaxAttach, earlier this month, along with associated Reflect-It backup software.

Disk drive manufacturer Maxtor says it has retained all the staff from CDS, who will remain at their original headquarters in Santa Clara, California. The company wouldn’t say what position CDS president and CEO Wo Overstreet now had within the company, but said she hadn’t left.

Maxtor reported third quarter 1999 revenue of $589.3m, down from the $599.2m in the same quarter last year. Net loss for the quarter was $40.3m, compared with net income of $6.1m last year. The loss included a non-operating gain of $22m from the sale of stock acquired as a result of the merger of a former subsidiary, and $7.6m in expenses associated with the acquisition of CDS. Excluding these items, the loss for the quarter would have been $53m. á

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